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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 21.0x - 23.2x | 22.1x |
Selected Fwd EBIT Multiple | 13.3x - 14.7x | 14.0x |
Fair Value | €4.23 - €4.95 | €4.59 |
Upside | 2.7% - 20.3% | 11.5% |
Benchmarks | Ticker | Full Ticker |
Intred S.p.A. | ITD | BIT:ITD |
Rai Way S.p.A. | RWAY | BIT:RWAY |
Unidata S.p.A. | UD | BIT:UD |
Infrastrutture Wireless Italiane S.p.A. | INW | BIT:INW |
Telia Lietuva, AB | TEL1L | NSEL:TEL1L |
Planetel S.p.A. | PLN | BIT:PLN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ITD | RWAY | UD | INW | TEL1L | PLN | ||
BIT:ITD | BIT:RWAY | BIT:UD | BIT:INW | NSEL:TEL1L | BIT:PLN | ||
Historical EBIT Growth | |||||||
5Y CAGR | 16.8% | 8.5% | 55.1% | 20.0% | 8.0% | 27.0% | |
3Y CAGR | 1.7% | 13.0% | 21.4% | 15.7% | 13.8% | 14.7% | |
Latest Twelve Months | -5.0% | 5.3% | 29.8% | 9.8% | 13.2% | 10.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 24.8% | 42.7% | 17.9% | 50.0% | 16.3% | 5.5% | |
Prior Fiscal Year | 24.7% | 46.1% | 13.2% | 53.2% | 17.2% | 5.4% | |
Latest Fiscal Year | 21.0% | 47.8% | 15.7% | 54.1% | 18.6% | 5.3% | |
Latest Twelve Months | 21.0% | 47.8% | 15.7% | 54.1% | 19.5% | 5.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.43x | 6.43x | 1.22x | 13.98x | 2.22x | 1.15x | |
EV / LTM EBITDA | 8.0x | 9.7x | 4.9x | 19.4x | 6.5x | 5.4x | |
EV / LTM EBIT | 16.3x | 13.5x | 7.8x | 25.8x | 11.3x | 21.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.8x | 13.5x | 25.8x | ||||
Historical EV / LTM EBIT | 21.8x | 25.0x | 67.0x | ||||
Selected EV / LTM EBIT | 21.0x | 22.1x | 23.2x | ||||
(x) LTM EBIT | 2 | 2 | 2 | ||||
(=) Implied Enterprise Value | 44 | 46 | 48 | ||||
(-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
(=) Equity Value | 26 | 29 | 31 | ||||
(/) Shares Outstanding | 6.6 | 6.6 | 6.6 | ||||
Implied Value Range | 3.99 | 4.34 | 4.69 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3.99 | 4.34 | 4.69 | 4.12 | |||
Upside / (Downside) | -3.2% | 5.3% | 13.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ITD | RWAY | UD | INW | TEL1L | PLN | |
Enterprise Value | 192 | 1,775 | 124 | 14,484 | 1,090 | 44 | |
(+) Cash & Short Term Investments | 10 | 14 | 5 | 115 | 7 | 5 | |
(+) Investments & Other | 0 | 1 | 9 | 0 | 0 | 0 | |
(-) Debt | (43) | (141) | (50) | (4,642) | (104) | (22) | |
(-) Other Liabilities | 0 | 0 | 0 | (6) | 0 | (1) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 159 | 1,648 | 88 | 9,951 | 993 | 27 | |
(/) Shares Outstanding | 15.9 | 268.4 | 30.3 | 931.8 | 582.6 | 6.6 | |
Implied Stock Price | 10.00 | 6.14 | 2.89 | 10.68 | 1.71 | 4.12 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.00 | 6.14 | 2.89 | 10.68 | 1.71 | 4.12 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |